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The North America Financial Advisory Services Market size is forecast to increase by USD 9.55 billion, at a CAGR of 4.8% between 2023 and 2028. Several factors play a crucial role in the market's growth, such as the growing complexity, the increasing globalization and cross-border transactions, and the constant demographic shifts, such as the aging population leading to high demand for services. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing complexity is the key factor driving market growth. With globalization, technological advancements, and evolving regulatory frameworks, markets have become increasingly interconnected and multifaceted, presenting both opportunities and challenges for investors and businesses alike. In this complex environment, there is a growing demand for professional advice and guidance to help clients make informed decisions, manage risks, and capitalize on emerging opportunities. Such advisory firms play a crucial role in addressing the complexities of modern markets by providing expert analysis, strategic insights, and tailored solutions to their clients.
Moreover, the increasing complexity of markets has led to a rise in demand for specialized advisory services in areas such as mergers and acquisitions (M&A), corporate finance, and wealth management. Further, the increasing complexity of markets underscores the importance of professional services in helping clients navigate uncertainty, make informed decisions, and achieve their long-term objectives in the dynamic and interconnected global economy. These factors are expected to drive the growth of the advisory services market in North America during the forecast period.
Increasing adoption of digital transformation is the primary trend shaping market growth. Digital transformation is playing a pivotal role, in revolutionizing how advice is delivered, accessed, and consumed. As technology continues to evolve rapidly, advisory firms are embracing digital innovations to enhance client experiences, streamline operations, and unlock new revenue opportunities. Digital transformation encompasses a wide range of initiatives, including the adoption of digital platforms, automation of processes, implementation of data analytics, and integration of artificial intelligence (AI) and machine learning (ML) technologies.
Moreover, one key driver of growth in the financial advisory services market in North America is the increasing demand for digital-first solutions among clients. Further, certain advancements in the prevention of cybersecurity threats are expected to help firms safeguard sensitive client information and protect against cyber threats, enhancing trust and confidence in digital advisory services. Therefore, such factors will drive the market during the forecast period.
Cybersecurity risks is a challenge that affects market expansion. As these firms increasingly rely on digital platforms, cloud-based systems, and data-driven technologies to deliver services and interact with clients, they become more vulnerable to cyber threats such as data breaches, ransomware attacks, and phishing scams. The loss or compromise of sensitive client information, crucial data, and intellectual property can lead to severe outcomes like financial losses, goodwill damage, and regulation penalties.
Additionally, cybersecurity risks can erode client confidence and trust in such services, particularly in an industry built on confidentiality, integrity, and trust. Clients expect their advisors to safeguard their personal and information from unauthorized access, misuse, or disclosure. Any breach of trust or failure to protect client data can result in reputational damage and loss of business for such firms. Therefore, cybersecurity risks in economic advisory services may hinder the development of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The corporate finance segment is estimated to witness significant growth during the forecast period. Corporate finance services are a vital component of the financial advisory services market in North America, providing strategic guidance and transactional support to businesses across various industries, such as manufacturing and sales. Whether it advising on debt restructuring, evaluating potential acquisitions, or conducting due diligence, corporate finance services play a crucial role in helping businesses navigate complex transactions and capitalize on growth opportunities.
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The corporate finance segment was the largest segment and was valued at USD 9.52 billion in 2018. One key aspect of corporate finance services is mergers and acquisitions (M&A) advisory, where financial advisors provide expertise and guidance throughout the deal lifecycle, from initial strategic assessment to post-transaction integration. Additionally, financial advisors play a critical role in raising capital for businesses through debt and equity financing, helping companies access funding sources such as bank loans, bonds, private placements, and initial public offerings (IPOs). Thus, such factors are expected to drive the growth of the corporate finance segment of the market during the forecast period.
The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market encompasses a diverse range of offerings, including consulting services, transaction services, risk management, and tax advisory. The segment caters to individuals and businesses seeking expertise in managing assets under management value and portfolio investments. Financial advisors provide tailored investment advice, retirement planning, and tax advice based on clients' risk attitudes and long-term financial plans. The market also sees the rise of robo-advisors, offering hybrid and robot-only services alongside traditional human-only services.
With a focus on compliance and litigation services, financial advisors navigate pending government regulations and industry trends to ensure long-term viability for their clients' investments. Their financial and accounting skills, combined with knowledge in insurance and real estate advisory, provide customers with independent opinions and specific plans tailored to their wealth and investment portfolios, shaping the North American investment industry.
North America Financial Advisory Services Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.8% |
Market Growth 2024-2028 |
USD 9.55 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.31 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ameriprise Financial Inc., Bain and Co. Inc., Bank of America Corp., BlackRock Inc., Boston Consulting Group Inc., Citigroup Inc., Deloitte Touche Tohmatsu Ltd., Deutsche Bank AG, Ernst and Young Global Ltd., FMR LLC, JPMorgan Chase and Co., McKinsey and Co., Morgan Stanley, PricewaterhouseCoopers LLP, State Street Corp., The Charles Schwab Corp., The Goldman Sachs Group Inc., The Vanguard Group Inc., UBS Group AG, and Wells Fargo and Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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